Entries by synecticgroup

Making an amendment to your tax return

Once we have lodged your 2014-15 tax return and forwarded your notice of assessment to you saying that everything is as discussed, you may realise that something has been left out of your tax return or accidentally included an extra deduction. You might be left wondering “how do I amend my tax return?”. The Australian […]

More of the Federal Budget’s small business concessions now have certainty

Our post-budget wrap up looked at many of the announcements affecting small business with the “Growing Jobs and Small Business” package announced by the government on budget night. You can read more about the small business concessions at business.gov.au. Now the legislation that many small business owners will be glad to see in place has made it through Parliament.

Tax concessions for small business

The small business sector has been described as the engine room of the economy as well as the biggest employer in the country. Tasmania has nearly 40,000 businesses across a range of sectors, across the state, and over 95 per cent of these are small businesses. (Department of State Growth)

Tax Office reviews discretionary trust distributions

The Tax Office recently completed a review of SMSF annual returns where distributions from a discretionary trust had been reported. It says a similar review is planned for next financial year. A discretionary trust is one in which the trustee has a discretion to determine the amount of trust income to distribute to each beneficiary.

Telstra’s 2014 share buy-back: its impact on 2014-15 tax returns

In 2014, Telstra announced that it would undertake an off-market share buy-back, with the buy-back results announced on October 6, 2014. The Tax Office says participating shareholders are taken to have disposed of their shares accepted under the Telstra buy-back at that date (CGT event A1). It has released a fact sheet giving advice for Australian […]

Tax deductions for your holiday house

Many of us look forward to an annual getaway, either to the beach or the bush, as the best way to unwind and re-charge after another tiring year. For many Australians having a beach shack or bush retreat can be made more affordable by leasing out their properties to other holiday makers.